Volkswagen AG has selected a group of preferred bidders, including PE firms EQT AB, CVC Capital Partners and Bain Capital for the next stage of its auction of Everllence, its heavy diesel engine business, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing that the firms have been invited to proceed in the process. EQT is reportedly bidding alongside Porsche Automobil Holding SE, the listed investment vehicle of the Porsche-Piëch family, which remains Volkswagen’s controlling shareholder.
Earlier reporting indicated that initial offers for Everllence – whose operations include ship engines and power-plant turbine systems – came in at or above €8bn ($9.2bn).
Discussions remain ongoing and no final agreement is guaranteed, Bloomberg’s sources said dding that other potential bidders could still emerge. All parties reportedly declined to comment.
Volkswagen is pursuing the divestment as part of a broader effort to simplify its corporate structure and improve profitability across its industrial portfolio. Everllence employs roughly 15,000 people, according to company information.
